| Restructuring charges and unusual items |
For the six months and three months ended August 31, 2013, and August 31, 2012, restructuring charges and unusual items included in operating income consist of:
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For the Six Months
Ended August 31, |
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For the Three Months
Ended August 31, |
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2013 |
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2012 |
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2013 |
|
2012 |
(in millions) |
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Cost of Product Sold: |
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Flow through of inventory step-up |
$ |
11.0 |
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$ |
2.3 |
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$ |
9.5 |
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$ |
1.5 |
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Amortization of favorable interim supply agreement |
2.1 |
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— |
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2.1 |
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— |
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Cost of Product Sold |
13.1 |
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2.3 |
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11.6 |
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1.5 |
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Selling, General and Administrative Expenses: |
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Transaction and related costs associated with pending and completed acquisitions |
34.9 |
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9.1 |
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7.4 |
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9.1 |
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Deferred compensation |
7.0 |
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— |
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— |
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— |
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Restructuring charges |
(0.9 |
) |
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0.7 |
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— |
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0.2 |
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Other costs |
(2.0 |
) |
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1.4 |
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— |
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(0.8 |
) |
Selling, General and Administrative Expenses |
39.0 |
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11.2 |
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7.4 |
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8.5 |
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Impairment of Goodwill and Intangible Assets |
300.9 |
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— |
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300.9 |
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— |
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Gain on Remeasurement to Fair Value of Equity Method Investment |
(1,642.0 |
) |
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— |
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(1,642.0 |
) |
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— |
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Restructuring Charges and Unusual Items |
$ |
(1,289.0 |
) |
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$ |
13.5 |
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$ |
(1,322.1 |
) |
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$ |
10.0 |
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| Segment information |
Segment information is as follows:
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For the Six Months
Ended August 31, |
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For the Three Months
Ended August 31, |
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2013 |
|
2012 |
|
2013 |
|
2012 |
(in millions) |
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Beer |
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Net sales |
$ |
1,576.2 |
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$ |
1,512.5 |
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$ |
814.6 |
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$ |
788.4 |
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Segment operating income |
$ |
363.9 |
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$ |
266.4 |
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$ |
229.9 |
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$ |
143.4 |
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Long-lived tangible assets |
$ |
668.7 |
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$ |
9.0 |
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$ |
668.7 |
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$ |
9.0 |
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Total assets |
$ |
7,294.5 |
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$ |
463.7 |
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$ |
7,294.5 |
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$ |
463.7 |
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Capital expenditures |
$ |
3.6 |
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$ |
0.4 |
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$ |
3.3 |
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$ |
0.1 |
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Depreciation and amortization |
$ |
13.1 |
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$ |
1.5 |
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$ |
12.6 |
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$ |
0.8 |
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For the Six Months
Ended August 31, |
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For the Three Months
Ended August 31, |
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2013 |
|
2012 |
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2013 |
|
2012 |
(in millions) |
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Wine and Spirits |
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Net sales: |
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Wine |
$ |
1,226.4 |
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$ |
1,177.2 |
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$ |
629.1 |
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$ |
615.9 |
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Spirits |
144.0 |
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156.1 |
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$ |
67.9 |
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$ |
82.6 |
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Net sales |
$ |
1,370.4 |
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$ |
1,333.3 |
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$ |
697.0 |
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$ |
698.5 |
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Segment operating income |
$ |
282.4 |
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$ |
294.3 |
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$ |
154.8 |
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$ |
161.3 |
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Equity in earnings (losses) of equity method investees |
$ |
0.1 |
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$ |
(1.1 |
) |
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$ |
(0.6 |
) |
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$ |
(0.8 |
) |
Long-lived tangible assets |
$ |
1,081.3 |
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$ |
1,101.7 |
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$ |
1,081.3 |
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$ |
1,101.7 |
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Investments in equity method investees |
$ |
73.2 |
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$ |
70.3 |
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$ |
73.2 |
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$ |
70.3 |
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Total assets |
$ |
6,403.1 |
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$ |
6,822.4 |
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$ |
6,403.1 |
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$ |
6,822.4 |
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Capital expenditures |
$ |
35.6 |
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$ |
30.7 |
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$ |
19.1 |
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$ |
14.9 |
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Depreciation and amortization |
$ |
47.5 |
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$ |
44.4 |
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$ |
23.4 |
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$ |
21.9 |
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Corporate Operations and Other |
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Net sales |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Segment operating loss |
$ |
(48.2 |
) |
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$ |
(44.1 |
) |
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$ |
(24.2 |
) |
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$ |
(20.7 |
) |
Long-lived tangible assets |
$ |
120.4 |
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$ |
131.8 |
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$ |
120.4 |
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$ |
131.8 |
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Total assets |
$ |
425.2 |
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$ |
1,039.0 |
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$ |
425.2 |
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$ |
1,039.0 |
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Capital expenditures |
$ |
10.3 |
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$ |
4.9 |
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$ |
4.8 |
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$ |
1.1 |
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Depreciation and amortization |
$ |
11.1 |
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$ |
11.6 |
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$ |
6.2 |
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$ |
6.0 |
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Restructuring Charges and Unusual Items |
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Operating income (loss) |
$ |
1,289.0 |
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$ |
(13.5 |
) |
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$ |
1,322.1 |
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$ |
(10.0 |
) |
Equity in losses of equity method investees |
$ |
(0.1 |
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$ |
— |
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$ |
— |
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$ |
— |
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Consolidation and Eliminations |
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Net sales |
$ |
(813.4 |
) |
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$ |
(1,512.5 |
) |
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$ |
(51.8 |
) |
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$ |
(788.4 |
) |
Operating income |
$ |
(142.6 |
) |
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$ |
(266.4 |
) |
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$ |
(8.6 |
) |
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$ |
(143.4 |
) |
Equity in earnings of Crown Imports |
$ |
70.3 |
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$ |
132.2 |
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$ |
4.3 |
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$ |
71.3 |
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Long-lived tangible assets |
$ |
— |
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$ |
(9.0 |
) |
|
$ |
— |
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$ |
(9.0 |
) |
Investments in equity method investees |
$ |
— |
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$ |
179.1 |
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$ |
— |
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$ |
179.1 |
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Total assets |
$ |
— |
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$ |
(284.6 |
) |
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$ |
— |
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$ |
(284.6 |
) |
Capital expenditures |
$ |
(0.3 |
) |
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$ |
(0.4 |
) |
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$ |
— |
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$ |
(0.1 |
) |
Depreciation and amortization |
$ |
(0.5 |
) |
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$ |
(1.5 |
) |
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$ |
— |
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$ |
(0.8 |
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Consolidated |
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Net sales |
$ |
2,133.2 |
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$ |
1,333.3 |
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$ |
1,459.8 |
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$ |
698.5 |
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Operating income |
$ |
1,744.5 |
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$ |
236.7 |
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$ |
1,674.0 |
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$ |
130.6 |
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Equity in earnings of equity method investees |
$ |
70.3 |
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$ |
131.1 |
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$ |
3.7 |
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$ |
70.5 |
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Long-lived tangible assets |
$ |
1,870.4 |
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$ |
1,233.5 |
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$ |
1,870.4 |
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$ |
1,233.5 |
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Investments in equity method investees |
$ |
73.2 |
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$ |
249.4 |
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$ |
73.2 |
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$ |
249.4 |
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Total assets |
$ |
14,122.8 |
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$ |
8,040.5 |
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$ |
14,122.8 |
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$ |
8,040.5 |
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Capital expenditures |
$ |
49.2 |
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$ |
35.6 |
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$ |
27.2 |
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$ |
16.0 |
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Depreciation and amortization |
$ |
71.2 |
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$ |
56.0 |
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$ |
42.2 |
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$ |
27.9 |
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